Chris Gotti Breaks Down the Music Business, Starting Add Ventures Music

Chris Gotti Breaks Down the Music Business, Starting Add Ventures Music

  Chris Gotti founded Murder Inc., which churned out some of the biggest hits in hip-hop, but the famed music executive is now moving on with a new company called ADD Ventures. Chris explained to us that his new company offers artists an opportunity to manage their own music with industry advice given by himself. Gotti added that record labels will probably be non-existent in the next 3-5 years, and he predicted that companies like ADD Ventures will replace the labels.

Speaking more about ADD Ventures, Chris pointed out how he helped one of the artists get on the Billboard Top 200 and get his song played on the radio.

You can hear more about Chris Gotti and his new approach to the music industry in the above clip.

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Glossary of Terms (memorize) Pt.2

Back-End: Industry terminology for receiving compensation at a future date when a project or product becomes profitable. Usually entails no "up-front" money to you.

B.M.I.: Broadcast Music. Inc Performing right society; administers affiliated publishers and songwriters performance right in their songs collects fees payable to those publishers and songwriters.

Booking Agent: A person who acts on behalf of an artist to secure gigs performing music in.

Business manager: Person or entity charged who manages your finances and taxes Usually a C.P.A.

Cause of action: The facts that entitle a person having a right to judicial right against another

Composition: Words and music or just music by itself

Corporation: A for profit company that enables your organization to function as a separate business entity with many tax benefits. Many business owners are attracted to the benefits of the "S" Corporation. Consult a C.P.A. for an information session or do research on the web.

Cross Collateralization: A method by which royalties from one album are recouped against advances of another.

Deal: An arrangement or agreement that stipulates the details of any work, partnership, contractual obligation, or expectation for which you are compensated.

Deal Memo: A letter which outlines the major points or aspects of proposed contracts